Since I got the EM5, my Oly E3 has pretty much just gathered dust. But, I kept the glass.

I got a few M43 lenses: kit 14-42 with the Pen, a very small 20 1.7, a small but somewhat limited 14-150, a very good 45 1.8, and the maligned but quite useful 12-50. Not bad, not bad at all, especially the 45.

But, when it comes to image quality, they aren't quite HG or SHG ZD. Close, but not quite. And I'm one of these types that looks at a shot from one of those M43 lenses and wonders - how much better would it have been if I had used one of my ZD's? Note that this only holds true for relatively static subjects - for anything moving, the lightning quick AF of the 45 or 12-50 makes the shot possible at all.

So this does mean some compromise - AF is sluggish but not unusable. Handling with the grip is pretty decent, unlike ZD on Pen which was hopeless. But, the overall package is no longer very small. On the other hand, the really good M43 glass is selling at premium prices, while HG and SHG ZD lenses are cheaper than I've ever seen them.

Yes, the ZD 7-14 is large, but it doesn't have the reflection issue that the M43 version has, and this puppy is sharp - edge to edge. Weathersealed, too.

The ZD 50-200 has no M43 counterpart right now. The Panny 35-100 isn't too far off, but from the shots I've seen posted here, the 35-100 isn't quite a 50-200 when it comes to sharpness or shooting wide open. There is a size difference, but there is also a price difference, both are substantial. The ZD 35-100, on the other hand, is about as close to a perfect lens as I've ever owned. Only drawback is size and weight, it's not a small lens, but it is wicked sharp, has lovely bokeh, AF speed is actually fairly good on the EM5, and it loves to be shot wide open - no softness or vignetting. The fact that I picked this lens up for quite a bit less than a Panny 35-100 goes for was just icing on the cake.

About the only M43 lens I've seen that really does seem to match the ZD equivalent is the 60M. If I can ever chase down the rumored adapter for the STF-22 macro flash, I may get one.

So what I've ended up with is a dual purpose system - very compact with M43 glass when I want it, or killer IQ with HG/SHG ZD when I want it. If the OMD-Pro with fast ZD AF comes out next fall, I'll be first in line to get one.